The Department of Energy preliminarily approved another loan to help fund the construction of electric vehicle battery factories in the US. This time, a joint venture between Stellantis and Samsung SDI will receive $7.

Combined, the two plants in Kokomo, IN, will produce enough lithium-ion batteries to power 670,000 EVs per year.

The U.S. Energy Department said Monday it plans to lend up to $7.54 billion to a joint venture of Chrysler parent Stellantis and Samsung SDI to help build two electric vehicle lithium-ion battery plants in Indiana.